Correlation Between Zhejiang HISUN and Lander Sports
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By analyzing existing cross correlation between Zhejiang HISUN Biomaterials and Lander Sports Development, you can compare the effects of market volatilities on Zhejiang HISUN and Lander Sports and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Zhejiang HISUN with a short position of Lander Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang HISUN and Lander Sports.
Diversification Opportunities for Zhejiang HISUN and Lander Sports
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Zhejiang and Lander is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang HISUN Biomaterials and Lander Sports Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lander Sports Development and Zhejiang HISUN is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Zhejiang HISUN Biomaterials are associated (or correlated) with Lander Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lander Sports Development has no effect on the direction of Zhejiang HISUN i.e., Zhejiang HISUN and Lander Sports go up and down completely randomly.
Pair Corralation between Zhejiang HISUN and Lander Sports
Assuming the 90 days trading horizon Zhejiang HISUN is expected to generate 17.66 times less return on investment than Lander Sports. But when comparing it to its historical volatility, Zhejiang HISUN Biomaterials is 2.11 times less risky than Lander Sports. It trades about 0.04 of its potential returns per unit of risk. Lander Sports Development is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest 305.00 in Lander Sports Development on September 14, 2024 and sell it today you would earn a total of 89.00 from holding Lander Sports Development or generate 29.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang HISUN Biomaterials vs. Lander Sports Development
Performance |
| Timeline |
| Zhejiang HISUN Bioma |
| Lander Sports Development |
Zhejiang HISUN and Lander Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang HISUN and Lander Sports
The main advantage of trading using opposite Zhejiang HISUN and Lander Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang HISUN position performs unexpectedly, Lander Sports can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Lander Sports will offset losses from the drop in Lander Sports' long position.| Zhejiang HISUN vs. Lander Sports Development | Zhejiang HISUN vs. Hua Xia Bank | Zhejiang HISUN vs. China World Trade | Zhejiang HISUN vs. Panda Financial Holding |
| Lander Sports vs. China Life Insurance | Lander Sports vs. Cinda Securities Co | Lander Sports vs. Piotech Inc A | Lander Sports vs. Dongxing Sec Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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